NASDAQ futures are coming into the final day of September up about +70 after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing inside the Wednesday range. At 8:30am GDP data came out better than expected and jobless claims were higher than expected. As we approach cash open price is hovering along the Wednesday midpoint.
Also on the economic calendar today we have Chicago PMI at 9:45am followed by 4- and 8-week T-bill auctions at 11:30am.
Yesterday we printed a normal variation down. The day began with a slight gap up in range. After a brief open auction buyers drove higher, pressing up out of the consolidation zone from Tuesday before being met by responsive sellers who defended their conviction zone. This led to some chop along the midpoint before sellers pressed us into range extension down into New York lunch.
Sellers probed the lows for a bit before a sharp responsive bid shot price up through the mid. Then late in the session sellers reclaimed the mid and we closed out the session in the lower quadrant.
Heading into today my primary expectation is for buyers to press up through overnight high 14,883.50 setting up a tag of 14,900 before two way trade ensues.
Hypo 2 stronger buyers rally to 15,000 before two way trade ensues.
Hypo 3 sellers work into the overnight inventory and close the gap down to 14,774 then continue lower, taking out overnight low 14,754.75 on their way to tagging 14,700.
Levels:
Volume profiles, gaps and measured moves:
